Registered number
05972089
Mortehoe Property Development Limited
Unaudited Filleted Accounts
31 October 2023
Mortehoe Property Development Limited
Registered number: 05972089
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 2 455,197 459,994
Current assets
Debtors 3 2,761 2,221
Cash at bank and in hand 81,745 42,335
84,506 44,556
Creditors: amounts falling due within one year 4 (299,253) (295,770)
Net current liabilities (214,747) (251,214)
Total assets less current liabilities 240,450 208,780
Creditors: amounts falling due after more than one year 5 (203,738) (203,738)
Net assets 36,712 5,042
Capital and reserves
Called up share capital 4 4
Profit and loss account 36,708 5,038
Shareholders' funds 36,712 5,042
Number Number
Average number of employees - -
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A R H Reeves
Director
Approved by the board on 19 February 2024
Mortehoe Property Development Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents rents receivable during the year.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 November 2022 482,734 7,770 490,504
At 31 October 2023 482,734 7,770 490,504
Depreciation
At 1 November 2022 22,740 7,770 30,510
Charge for the year 4,797 - 4,797
At 31 October 2023 27,537 7,770 35,307
Net book value
At 31 October 2023 455,197 - 455,197
At 31 October 2022 459,994 - 459,994
Freehold land and buildings: 2023 2022
£ £
Historical cost 392,411 392,411
Cumulative depreciation based on historical cost 13,679 13,679
378,732 378,732
3 Debtors 2023 2022
£ £
Trade debtors 2,600 2,080
Other debtors 161 141
2,761 2,221
4 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 8,554 4,955
Other creditors 290,699 290,815
299,253 295,770
5 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 203,738 203,738
6 Related party transactions
Mr and Mrs Reeves, directors, are also directors of Millhead Properties Ltd. Millhead Properties Ltd has provided loans to Mortehoe Property Development Ltd of £203,738 (2022 £203,738). This is shown in Creditors:amounts falling due after one year.
7 Other information
Mortehoe Property Development Limited is a private company limited by shares and incorporated in England. Its registered office is:
75 Mutley Plain
Plymouth
Devon
PL4 6JJ
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